Finding the Loan Principal from Compound Interest and Final Amount
Finding the Loan Principal from Compound Interest and Final Amount
Secondary 3
Eddy borrowed a sum of money at a compound interest of \(5\%\) per annum.
After \(3\) years, he owed a total amount of \(\$2315.25.\)
Calculate how much he borrowed.
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Answer:\(\$2\,000\).
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